20 February 2018, Malaysia – Knight Frank, the independent global property consultancy, today launches the Global Residential Cities Index for Q3 2017 which tracks the performance of mainstream house prices across 150 cities worldwide, 47 of which are from Asia-Pacific, based on official house price data published by either National Statistic Offices or Central Banks.
Results for Q3 2017
· House prices increased by an average 4.7 % in the quarter that ended September 30 from a year earlier, down from 5.8 % the quarter before
· Some of the largest risers through the rankings include Amsterdam and Utrecht, but this is largely due to the declining growth rates of others, notably Indian and Chinese cities
· Only three Asia Pacific cities were represented in the top 10 this quarter, with Hong Kong sixth-highest. Kochi is the highest ranked Indian city at 12th, outpacing the Chinese mainland cities Changsha, Chongqing and Shenyang that still posted double-digit growth rates.
· Reykjavik tops the ranking this quarter, and is the only city of the 150 tracked where annual house price growth topped 20% in the year to September 2017
· All 30 US and Canadian cities tracked in our index registered positive annual price growth over the 12-month period, though Toronto slipped from first to fourth as the new foreign buyer tax influences market sentiment
Nicholas Holt, Head of Research for Asia-Pacific, Knight Frank Asia-Pacific, says “Despite having some of the highest growth rates over the last five years, a number of key Asian residential city markets continued to slow. On the back of continued cooling measures, Tier-1 Chinese cities saw price growth slow, with Shanghai most notably slipping into negative territory. In India, cities such as Mumbai, Ahmedabad and Bengaluru see their yearly growths narrow down to single digits from previous quarter’s double digits, as the impact of demonetisation and the new real estate regulator take effect.”
For a full copy of the report, please access: http://bit.ly/2rcDoDk
For further information, please contact:
Mr Nicholas Holt, Asia-Pacific Head of Research
email@example.com +86 10 6113 8030 @nholtKF
Ms Rachel Loke, Asia-Pacific Head of Marketing, Communications & Digital
firstname.lastname@example.org +65 6429 3587 @knightfrank
Mr Clement Tan, Asia-Pacific Public Relations & Communications Manager
email@example.com +65 6429 3599 @knightfrank
Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia
firstname.lastname@example.org +603 2289 9669 @KnightFrank_my
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 15,000 people operating from over 400 offices across 60 countries. These figures include Newmark Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.
Knight Frank has a strong presence in Malaysia with its headquarters in Kuala Lumpur as well as branches in Penang, Johor and Kota Kinabalu. The company offers high-quality professional advice and solutions across a comprehensive portfolio of property services and is registered with the Board of Valuers, Appraisers and Estate Agents. The Company is licensed to undertake property, valuations / consultancy, estate agency and property management and is also on the panel of all leading banks and financial institutions. For further information about the Company, please visit www.knightfrank.com.my.